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First Midwest Bank of Poplar Bluff Review

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by Gabe Rueda Updated July 11, 2019 We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure

First Midwest Bank of Poplar BluffSavings

0.45%APY

SmartAsset's Overall Rating

4.4/5

Rates

4.0

Fees

5.0

Service Quality

3.8

Financial Health

4.9

Key Highlights

Overview

First Midwest Bank of Poplar Bluff first started operating in 1964 and has its headquarters in Poplar Bluff, Missouri. First Midwest Bank of Poplar Bluff has $399 million in assets as well as $341 million in deposits, classifying it as a small bank. First Midwest Bank of Poplar Bluff lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. SmartAsset has rated the bank 4.4 out of 5 stars, indicating that First Midwest Bank of Poplar Bluff is a solid pick to be your bank. First Midwest Bank of Poplar Bluff has a full choice of banking products, including savings accounts, checking accounts, money market accounts, CDs and mortgage products. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, First Midwest Bank of Poplar Bluff offers an option without a monthly fee. Finding an institution with no-fee checking and a high interest rate savings account is your best option for getting the most income from your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.4/5

National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

When a component rating is unavailable, the overall rating is calculated as an average of the remaining available ratings.

Rates

The Rates rating represents an aggregate of interest rates for specific bank products measured against the national average interest rate for each product. Product interest rates may vary by branch. Rates shown reflect the highest available nationwide.

Fees

The Fees rating is an assessment of the bank's fees measured against the national average fee amount for particular services and is also affected by whether or not the bank refunds ATM fees.

Service Quality

The Customer Experience rating is a weighted average of the Mobile Rating and the Consumer Satisfaction Score, which is based on complaints brought to the Consumer Financial Protection Bureau (CFPB).

Financial Health

The Financial Health rating is based on the Texas Ratio, an indicator that warns of credit problems at particular banks: anything less than 5% is considered Excellent; less than 20% is Very Good; less than 50% is Good; less than 90% is Fair; and over 90% is Poor.

Rates

4.0

SmartAsset Average: 3.5

With a savings rate of 0.45%, First Midwest Bank of Poplar Bluff ranks poorly as compared against the national average. Its one-year CD earns at a rate of 1.75% and the five-year CD has a rate of 2.35%, while its highest-yielding money market account earns at a rate of 0.60%. Given its poor savings rate, you should consider choosing another bank to earn more on your deposits.

How First Midwest Bank of Poplar Bluff's Savings Rates Compare

Fees

5.0

SmartAsset Average: 4.4

First Midwest Bank of Poplar Bluff generally has extremely low fees compared to other U.S. banks. With no monthly fee, First Midwest Bank of Poplar Bluff is perfect for people who want a basic banking experience. First Midwest Bank of Poplar Bluff unfortunately does not reimburse out-of-network ATM charges, meaning you will have to find a First Midwest Bank of Poplar Bluff ATM or accept the withdrawal fee.

Service Quality

3.8

SmartAsset Average: 3.7

First Midwest Bank of Poplar Bluff is a brick-and-mortar bank, with seven total branches in Missouri. It also offers access to mobile and web apps for easy access and banking on the go. First Midwest Bank of Poplar Bluff gets moderate marks from users for its online presence. With 21 ratings on Apple and Android platforms, the First Midwest Bank of Poplar Bluff mobile app has an overall rating of 3.7 out of 5 (compared to the national average of 3.8). You can utilize First Midwest Bank of Poplar Bluff's mobile app to manage your finances by checking monthly statements, sending and receiving money and reaching customer service. First Midwest Bank of Poplar Bluff receives a superb consumer satisfaction rating based on comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Financial Health

4.9

SmartAsset Average: 4.8

First Midwest Bank of Poplar Bluff ranks as a small bank and manages $399 million in assets as well as $341 million in deposits. First Midwest Bank of Poplar Bluff's Texas Ratio is 2.16%, denoting that First Midwest Bank of Poplar Bluff is in excellent financial health and far from failure. Additionally, First Midwest Bank of Poplar Bluff is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

2.16%

High Risk75%50%20%10%Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

Compare First Midwest Bank of Poplar Bluff to Other Competitive Offers

Products Offered

Product

Current Terms and Rates

Minimum Balance for APY

Savings Account

0.45% APY

$100

Checking Account

0.2% APY

$2500

Certificates of Deposit

12 Month: 1.75% APY

24 Month: 2.00% APY

36 Month: 2.15% APY

48 Month: 2.25% APY

60 Month: 2.35% APY

$1000 for all terms

Money Market Accounts

0.6% APY 0.6% APY

$10000 $15000

First Midwest Bank of Poplar Bluff has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. First Midwest Bank of Poplar Bluff does not have the best savings rate, which means you should think about looking elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. First Midwest Bank of Poplar Bluff's CD rates are fair compared to other U.S. banks.